AMCON Fights to Recover N5tn in Bad Debts Amid Legal Battles
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Nigeria’s Asset Management Corporation (AMCON) has revealed that it has recovered over N2.1tn in bad debts since its inception, despite facing mounting legal challenges and resistance from high-profile debtors. The agency, tasked with managing Nigeria’s toxic assets, currently has over 2,000 cases in court, as some of its debtors collectively owe nearly N5tn.
At a press conference in Lagos, AMCON’s Head of Corporate Communications, Jude Nwauzor, disclosed that many of the funds borrowed by these entities were not used for their intended purposes, further complicating recovery efforts.
The briefing was called to address the long-running financial dispute involving Arik Air Limited (in Receivership) and its founder, Sir Johnson Arumemi-Ikhide. The airline, alongside other companies linked to Arumemi-Ikhide—including Rockson Nigeria Limited and Ojemai Farms Limited—collectively owes AMCON over N455bn. Arik Air alone accounts for N227.6bn of this sum.
Nwauzor accused some debtors of attempting to manipulate public perception, particularly through the media, in an effort to discredit AMCON and evade their financial responsibilities.
“These are debtors who have contributed to killing the Nigerian economy,” he said. “The media must not allow them to eat their cake and have it.”
Debt Recovery at a Crossroads
Despite its successes in debt recovery, AMCON continues to encounter significant pushback from businesses and individuals unwilling to settle their obligations. Many of these debts were initially transferred to the corporation by commercial banks due to non-performance.
“The leadership of AMCON knows there is no nice way of recovering debt,” Nwauzor said. “For that, obligors go to any length to assassinate the characters of both AMCON staff and management. They malign the name of AMCON and intimidate and harass our personnel with every arsenal at their disposal.”
He warned that if AMCON fails in its mandate, the burden of repaying over N4tn in unresolved debts would fall on the Nigerian taxpayer.
“If, at sunset, AMCON is unable to recover these huge debts, it becomes the liability of the federal government, meaning taxpayers’ money will be used to settle them,” he said. “The implication is that the general public will end up paying for the recklessness of a few individuals who exploit loopholes in our legal system.”
With billions of naira still outstanding, AMCON’s fight to recover public funds appears far from over. The agency is pushing for greater cooperation from stakeholders—including the media, the judiciary, and the government—to ensure that defaulters are held accountable and that Nigeria’s financial system remains stable.
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